Hiring in the US slowed in April with the workforce adding another 175,000 jobs and wage growth slowing. The news cheered investors hoping that a cooling labor market will prompt the Federal Reserve to cut interest rates... All the major US markets rose in early trading.
Despite missing expectations, signaling an economic cooldown, the labor market has still maintained a pattern of growth and consumers can be cautiously optimistic that the Fed will be able to successfully lower inflation while also avoiding a recession, said Steve Rick, chief economist at TruStage.
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